The construction industry faces challenges in terms of productivity, project management, and data handling. For years the industry followed the traditional pen and paper module for task management, document storage, and billing. The traditional method increased the risk of document mismanagement, miscalculations, cost overruns, and bad project planning. The technical revolution enabled the construction industry to make use of data management software for data handling and project management. The data analytics tool of the data management software helps to mitigate the risks and challenges faced during construction project completion.

Below are some ways in which data analytics helps the construction industry in better decision making.

Risk analysis

Construction projects have several risks associated with them. Ignoring the risks can lead to the rise of the financial crisis. Risk management serves as a determiner behind the success or failure of any construction project. Risks need to manage in stages of planning, monitoring, categorizing, response analysis, and identification. A risk analysis report offers an estimate of project assets and outcomes. Risk analysis helps to evaluate project complexities, technical errors, machine faults, stakeholder conflicts, and site issues. Beforehand analysis of the risk helps to find a timely solution for them.

Design modeling

Data analytics generated from designing software like BIM helps to make amendments in the final design. The use of designing software and its analytics enables stakeholders, project managers, and clients, to view the entire construction project in 3D mode. They can view the design, materials utilized, costs, equipment, and machinery data through the software. The on-site data collection helps the contractors and builders to incorporate changes in the design. Designing data analytics helps to eliminate waste generation and on-site reworks.

Supply chain tracking

Data analytics helps to keep a track of logistics, equipment, and supply chain. It helps to ensure on-time delivery of the building materials. The logistics data analysis also records equipment delays and machinery failure thus enabling to find a timely solution for it. Advanced asset tracking helps with the easy movement of equipment machinery and materials with 24/7 monitoring.

Cost-cutting and budgeting

Data analysis helps with cost estimation processes. Data generated through ERP software helps with accurate budgeting. The finance tool of the data management system helps to analyze expenditures thus enabling cost-cutting. Construction data analytics not just assist with monitoring the budget in real-time but also help t monitor the cash flow.

Communication facilitator

Data analytics helps with better decision-making across teams. The analytics help to streamline the communication between workers, managers, builders, contractors, stakeholders, and clients. Data analytics widens the scope for information sharing, opens new opportunities, and offers better collaboration. Additionally, data analytics also supports better planning and project handling.

Enhances worker safety

The use of data analytics helps to maximize worker productivity. Data analytics help to prevent worker burnout and stress due to overworking. Data analytics helps to prevent site accidents and worker injuries. The data analytics received from site biometrics and wearable devices helps to keep a track of the worker’s health.

The data analytics possibilities are endless in the construction industry. Right from enhancing safety measures to manifolding the profits earned data analytics offers many benefits. Adopting data analytics brings better decision making and also levels up the game of the construction industry.